Crystal Horse makes third exit of the year, at 10x ROI

By Digital News Asia October 16, 2013

Took investment in Gilcrux after founder John Fearon appeared in reality TV
Fearon also behind such startups as Dropmysite, ApexPeak and EatAds

SINGAPORE-based Crystal Horse Investments has just made its exit from Gilcrux Holdings, at a value that was 10 times the initial sum it invested.

Gilcrux Holdings, also based in Singapore, is South African serial entrepreneur John Fearon’s investment holding company. Gilcrux holds Fearon’s equity in startups like Dropmysite (website, database and email backup), ApexPeak (invoice factoring for small and medium enterprises), EatAds (a marketplace for outdoor advertising) and more.

This exit will be Crystal Horse’s third of the year, after two exits in Malaysia, namely Ibilik (short-term accommodation rentals) and Propwall (property search website), Gilcrux said in a statement.

Crystal Horse makes third exit of the year, at 10x ROI “We are very happy with our third exit this year – especially as they in the two countries (Singapore and Malaysia) where we are very active,” said Dr Chun Dong Chau, Crystal Horse’s head of reseach.

Crystal Horse said it was the leading investor in Gilcrux Holdings beginning with Angels Gate, Channel News Asia’s angel investor reality television show. In 2011, Fearon (pic) appeared on the show to raise funds for Dropmysite in front of four angel investors.

After a successful pitch, the angels agreed to invest S$250,000 (US$200,000) for a 33% stake at a S$500,000 valuation.

Later, it was revealed that Crystal Horse was revealed to be the main fund supporting the show. It then made a close to S$500,000 investment in a combination of Gilcrux, Dropmysite and EatAds. Two years on, another Gilcrux investor offered to buy Crystal Horse’s shares.

“The offer was good and we are still investors in the subsidiaries, so there is still benefit from the upside. Going forward, we prefer to choose which subsidiaries from Gilcrux we invest in,” said Chun.

Crystal Horse said it is still a major stakeholder in many others startups under Gilcrux Holdings. With stakes in Dropmysite, EatAds and Kluje (a home improvement portal for contractors and homeowners), it said it still holds an important role in Fearon’s startups.

“I really appreciate the assistance that Crystal Horse Investments provided. As the principal investors, they were very helpful and I look forward to their continued support in the other companies we are building,” said Fearon.

Crystal Horse said it has made investments in 34 companies in the last three years over diverse industries.

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